# In depth: RFC {% hint style="danger" %} **This report is based purely on on-chain data analysis and does not classify or label any token as a scam or legitimate project. We aim to present raw blockchain insights in a simplified and accessible format. Readers are encouraged to interpret the data critically and draw their conclusions. Nothing in this analysis should be considered financial or investment advice. Additionally, the information reflects the state of the blockchain as of the report's publication date. Given the rapidly evolving nature of the crypto space, we recommend always checking the date and verifying if conditions have changed since.** {% endhint %} {% hint style="warning" %} **Many tokens can share the same or similar names — always verify the contract address referenced in this analysis to ensure you're reviewing the correct asset. This report focuses solely on the specific token contract(s) mentioned; do not assume other tokens with similar names are related.** {% endhint %} * **Token under investigation:** [**RFC**](https://blokiments.com/detailedView/solana?pairAddress=D6Rgz1JG2syjsTXGaSAZ39cLffWL4TfabEAAnJHGRrZC#Liquidity)**:** `C3DwDjT17gDvvCYC2nsdGHxDHVmQRdhKfpAdqQ29pump` **(Solana)** * **Token report date: main analysis on 19.4.2025, if not specified differently (took 1 week to write the full report)** **The report is divided into multiple sections:** * [TL;DR](#tl-dr) * [About the token](#about-the-token) * [Events timeline](#events-timeline) * [Main on-chain metrics](#main-on-chain-metrics) * [Off-chain social analysis](#off-chain-social-analysis) * [Token creator analysis](#token-creator-analysis) * [Insiders activity](#insiders-activity) * [Early traders (sniper) analysis](#early-traders-sniper-analysis) * [Holders analysis](#holders-analysis) * [Conclusion](#conclusion) ## TL;DR * RFC is a meme token on Solana launched via pump.fun with a fair launch model and no taxes, but it lacks a clear long-term roadmap or structured development plans. * Key events in RFC's lifecycle include its surprise token launch in March 2025, followed by a tweet from Elon Musk that led to a 500% price surge. Despite building a large Twitter following, the community had no prior knowledge of the token, raising concerns about potential market manipulation. * RFC has solid liquidity of around $1.32 million and is available on both DEXs and CEXs. The token is deployed securely on Solana with no minting or transfer fees. The market cap is currently $24.25 million, and trading metrics show strong trading activity with over 56,000 unique buyers and sellers. * The RFC project operates two Twitter accounts: @RFindercoin (10,100 followers) created in March 2025, and @IfindRetards (724,600 followers) created in December 2024, which gained popularity through bold humor and memes. The token launch was announced on the larger @IfindRetards account, but it's unclear how many followers actually support the token. * The token creator wallet launched RFC on March 24, 2025, received 4% of the total supply, and made small transactions, with no major suspicious activity identified. * Our investigation reveals limited suspicious activity connected to the RFC token deployer, with most funds remaining untouched, but notable links to high-volume traders and potential involvement from Web3 Twitter accounts. * Early trading analysis reveals significant sniping activity, with many snipers using multiple wallets to disguise their profits, making it harder to identify aggressive hoarding by any single wallet. * Holder analysis reveals a high level of concentration among a small group of wallets, with the top 10 wallets controlling over 17% of the RFC supply, indicating significant potential for price manipulation and highlighting the influence of strategic players, including whales and **algorithmic trading bots like Wintermute.** * On-chain analysis reveals a **highly coordinated operation**, likely involving **MEXC exchange**, that sniped over 7% of RFC tokens pre-launch, generated $1.2 million in profits, and still controls over 3% of the supply. ## About the token Retard Finder Coin (RFC) is a meme token built on the Solana blockchain, launched directly on pump.fun, with a fixed supply of 1 billion. **Token Description from the token's whitepaper:** > Retard Finder Coin (RFC) is a meme coin built on the Solana blockchain, launched directly on pump.fun, a fair-launch platform designed for transparency and community-driven tokens. Inspired by the “I Find Retards” community on X (Twitter), RFC celebrates free speech, humor, and the spirit of decentralized finance. Unlike many meme coins, RFC offers a fixed supply, zero taxes, and no airdrops, ensuring fairness and sustainability from the start. The main recap from the token [whitepaper](https://retardfindercoin.com/?page_id=83): * Fair Launch Model: 96% of the supply is made publicly available through pump.fun, with 4% allocated to the developer wallet. * Mission & Values: RFC supports free speech, humor, and decentralization. It aims to be a trustworthy meme coin in a space often plagued by scams and rug pulls. * **Roadmap**: The current RFC roadmap is minimal and primarily focused on the initial launch phase, with most listed steps like launching on pump.fun and community promotion already completed. It lacks clear future-oriented goals, timelines, or measurable milestones, making it difficult to assess the project's long-term direction. Phrases like "partnerships" and "community-driven initiatives" are vague and not supported by specific plans or objectives. The roadmap would benefit from more detailed and forward-looking strategies to enhance transparency and community trust. In the following sections, we will evaluate the claims made in the whitepaper. Since RFC is a meme token with no intrinsic value, its price action is primarily driven by community sentiment and early buyers. The roadmap outlines only the initial phases—such as the token launch and basic listings—but falls short in presenting a clear long-term vision, structured goals, or detailed plans. * Webapge: * Twitter: * * ## 📅 Events timeline We begin our token analysis with a chronological overview of key on-chain and off-chain events. This timeline highlights notable moments in the token’s lifecycle — from its initial creation and pool launch to early swaps, announcements, and unusual market activity. Understanding the sequence of events is crucial for identifying potential red flags, coordinated actions, or community momentum. Main Events: * December 2024: The Retard Finder Twitter profile created, not mentioning any token to the date of the token launch. * **10.3.2025:** Webpage domain registration * **24.3.2025 at 22:07:48** - Created token deployer wallet * **24.3.2025 at 22:34:36** - Token launched on pump.fun * **25.3.2025 at 01:03** - First [post about the token](https://x.com/IfindRetards/status/1904338378310799797?t=76e9PnQLxN8wme6NW4L7bQ\&s=07) on @IfindRetards Twitter account. * **25.3.2025 at 01:07:20** - Token graduated and trading continued on PumpSwap. * **25.3.2025:** First post on the @RFindercoin Twitter account. * **31.3.2025:** Elon Musk tags the @IfindRetards Twitter account under a post, and the price surges by more than 500% * **14.4.2025:** Price trend change to downtrend. Upon analyzing the announcement post, it became evident that the page had been building a community for four months without any indication of an upcoming token launch—it came as a complete surprise even to them. For a page with over 700,000 followers, such a move carries significant risk and raises serious concerns about potential market manipulation.

Tweet about the launch.

[Here](https://x.com/IfindRetards/status/1904338455272067453) you can find a comment providing additional details. There's also a **disclaimer regarding possible insider information**, which we will **verify and address as part of our ongoing investigation** (we will see later in the report that there is a great probability of insider activity and knowledge of the token launch).

Insider info disclamer.

The top comments in the post reveal that the community's **reaction to the token launch was largely negative**.
An unexpected reply from @elonmusk on March 31, 2025, triggered a surge of over 500% in RFC’s price.
## Main on-chain metrics Data as of April 24, 2025
**Liquidity & Token Pools**\ The current liquidity for $RFC is around $1.32 million, split between 26.27 million RFC tokens and 4,353 SOL. That’s solid, especially in today’s market.
The token launched on pump.fun, and after it hit the “graduation” milestone, it was moved to PumpSwap. Since then, several RFC/SOL pools have popped up on both decentralized exchanges (DEXs) on Solana and centralized exchanges (CEXs) like Gate.io, KuCoin, and MEXC. So, if you buy RFC, there are plenty of places where you can also sell it. Conclusion: liquidity is not a problem. \ Around 99% of the liquidity has been burned on the biggest pool, meaning those tokens were sent to an address no one can access. That makes it basically impossible for anyone to rug pull by removing liquidity. Still, it’s worth noting the price could drop sharply if big holders (or insiders) decide to sell. The token is deployed on **Solana** using the **standard token program**, which means the core functionality follows a widely audited and commonly used framework. Our analysis did **not identify any honeypot behavior**, and the **transfer hook, minting, freezing, and account permissions are all non-upgradable**, reducing the risk of malicious changes after deployment. Additionally, the token is **not mintable** or closable and has **no transfer fees.**
Market Cap * Current market cap: \~$24.25 million * All-time high: $135 million on April 14 #### Smart Money & Wallet Activity * New wallets (30 days): 95 * New wallets (7 days): 8 * New wallets (24 hours): 0 Trading Overview * Unique buyers: 56,740 * Unique sellers: 56,071 * Total buy volume: $161 million * Total sell volume: $160 million * Total holders: 14,924 * Total wallets interacted: 66,826 Only 40 wallets linked to scam tokens have interacted with RFC, which is a very small number.

Trades over time by size in USD.

Overall, the token shows strong performance in terms of liquidity, security, and trading metrics, which appear solid and healthy at this stage. ## Off-chain social analysis ### Website Analysis **Website URL**: [ ](https://retardfindercoin.com/) **Domain Registration**: March 10th, 2025
### Twitter (X) The project operates two Twitter accounts; we will examine each one individually: * [Retard Finder Coin (@RFindercoin)](https://x.com/RFindercoin) * Followers: 10100 * Posts: 404 * Account Creation Date: March 2025 * First Tweet Date: March 25, 2025

First tweet

Twitter account analysis for @RFindercoin

* [Retard Finder (@IfindRetards)](https://x.com/IfindRetards) * Followers: 724.600 * Posts: 3044 * Account Creation Date: December 2024 * Profile review by Grok: @IfindRetards is a bold X voice who skyrocketed to 700k followers by calling out flat-earthers, vegans, and disloyal political flip-floppers as "retarded" with unapologetic humor. * The @IfindRetards X account first mentioned the "Retard Finder Coin" ($RFC) token on March 25, 2025, at 01:03 UTC, announcing its launch on Pump. A follow-up post at 17:43 CET the same day discussed a major holder exiting and promoted the token's potential.

Twitter account analysis for @IfindRetards

The token has a big Twitter following with over 700,000 followers, mainly because the account was already popular for memes before the token launch. It’s hard to tell how many of those followers support the token. There are no other official communities, and a Telegram group that showed up briefly was made by a scammer not connected to the project. ## Token creator analysis Understanding the behavior and history of the token creator is critical to any on-chain investigation. This section analyzes the wallet that minted the token, including its funding source, activity patterns, and interactions with other addresses or contracts. By tracing wallet behavior before and after token creation, we aim to uncover potential signs of coordination, suspicious movement, or connections to other projects. [Token creator address](https://solscan.io/account/F7xWmZeYiNF8hi22RDYbBCM7McsaiMnMSNB8qzekE5Rv?exclude_amount_zero=true\&remove_spam=true): `F7xWmZeYiNF8hi22RDYbBCM7McsaiMnMSNB8qzekE5Rv` (It will be called deployer wallet from now on) Everything started with funding a deployer wallet on 24.3.2025 at 22:07:48 (UTC) with 2.04 SOL from the address: `7kPq2w6tAREUbXi5ioGGxJ3desY6QWSMMvyeLYHGz4WT` (We will call it Funder wallet 1)

Funding event.

Approximately 30 minutes later, the RFC token was officially created and launched through the `Pump.fun` platform, with a total supply of 1 billion tokens.

RFC token launch.

According to the [whitepaper](https://retardfindercoin.com/?page_id=83):

A section from the whitepaper.

The token deployer contributed 1.16 SOL at launch and received 39,944,801 RFC tokens. This allocation represents roughly 4% of the total supply and aligns with the distribution plan detailed in the whitepaper. Let’s take a look at some other notable actions carried out by the wallet: * On March 25, 2025, at 15:18:25, wallet `Aw6UK43bwsDzVwumYSJ8GActJTnuqwL2ctcyVSGfgdfu` (tag: Small funding wallet 1) transferred 0.55 SOL to the deployer’s wallet. * Very small inflows of SOL from deBridge Finance. * On 27.3.2025 134000 RFC and 0.2 SOL were transferred to the new wallet: `17XDeTonbQFNm8qEnq2qrckm25jtMwAuhBQxPHpDkaw` (tag: Connected wallet 1) * The wallet engaged in several token swaps, including the sale of RFC tokens totaling approximately $4,266.00 (On March 28, 2025).

Swaps performed by the RFC deployer.

* After selling the RFC token, 30.6 SOL was deposited on Binance. * On April 9, 2025, the remaining 38.43 million RFC tokens were transferred to a new wallet (`E8BJzHRtV1pUgKizfMjkWeNZbSTNzYjmUtzgc1LpMsM4` - tag: RFC Holding wallet 1) along with 0.1 SOL. We can present the described situation in the following flowplot:

Transfers for token deployer.

To recap this section, there have been no drastic movements of RFC tokens. Only 4% of the total supply, designated for the developer, as outlined in the project’s whitepaper, has been transferred, with a small portion sold. We will continue our investigation by examining the connected wallets to identify any signs of suspicious activity. ## Insiders activity We have now collected 4 wallets connected to the token deployer. The next step involves analyzing these wallets more thoroughly to see if any suspicious patterns are found. * [**Funder Wallet 1**](https://solscan.io/account/7kPq2w6tAREUbXi5ioGGxJ3desY6QWSMMvyeLYHGz4WT#transfers) received funds solely from Mayan Finance and Bridger: Bridge, with no other significant on‑chain activity.

Funder Wallet 1

* [**RFC Holding wallet 1**](https://solscan.io/account/E8BJzHRtV1pUgKizfMjkWeNZbSTNzYjmUtzgc1LpMsM4?exclude_amount_zero=true\&remove_spam=true#transfers)**:** An analysis shows no on‑chain activity—its developers ' RFC tokens remain untouched, and no larger sales are detected. * [**Connected Wallet 1**](https://solscan.io/account/17XDeTonbQFNm8qEnq2qrckm25jtMwAuhBQxPHpDkaw) sold its RFC tokens for approximately $309.00. Out of that amount, $295 USDC was used to pay for the Dextools social verification process.

Connected wallet 1 and RFC Holding wallet 1

* [**Small funding wallet 1**](https://solscan.io/account/Aw6UK43bwsDzVwumYSJ8GActJTnuqwL2ctcyVSGfgdfu): `Aw6UK43bwsDzVwumYSJ8GActJTnuqwL2ctcyVSGfgdfu` * On March 25, 2025, the wallet received a 2.23 SOL transfer from a Binance US hot wallet. This was followed by the previously mentioned 0.55 SOL transfer to the RFC token deployer. On the same day, the wallet also sent 1.68 SOL to another address: `5DDEFBfWAaUe6e8KtzdwzTcAgkPAN5XAokK1Pbj6yeM5` (tag: Connected wallet 2) * **Connected Wallet 2:** On March 25, 2025, this address deployed the [OBC token](https://blokiments.com/detailedView/solana?pairAddress=3qGbRCntigCSBZDS1dDobwYSHhucw3jbw1csRgtrMveE#Liquidity), carried out two small OBC swaps, and then forwarded its entire SOL balance to `uZ5Bn8YqLJRP6szu9PHSjLNSnYkxmTqsR36QFRqeoEs` (tag: Connected wallet 3) * **Connected Wallet 3** executed a few small OBC swaps, received incoming transfers from multiple addresses trading both OBC and RFC tokens, and ultimately consolidated all its proceeds by forwarding them to the final wallet: `ERdt6cFAHxnVXXdjSCAPCcjm9fB9FMzktFABzfa4PAQB` (tag: Very active wallet 1) * A group of smaller wallets followed a consistent pattern on March 25, 2025. Each was funded via **deBridge Finance**, engaged in small RFC trades (typically between **$200–$500**), and then proceeded to sell off their **OBC token holdings**. While the RFC trades mostly broke even—possibly intended to generate volume or simulate market activity—the primary profits came from selling the OBC tokens. After these sales, the proceeds were funneled into **Connected Wallet 3**.

Small funding wallet 1 analysis

At this point, the final wallet left to analyze is **Very Active Wallet 1** (**`ERdt6cFAHxnVXXdjSCAPCcjm9fB9FMzktFABzfa4PAQB`**). This address shows an exceptionally high level of on-chain activity, with thousands of token trades and transfers. It has received substantial inflows from **deBridge: Bridge Vault** as well as numerous other wallets, indicating that it may belong to a high-volume trader or whale. Although analyzing every transaction would be time-consuming, one notable detail stands out: this wallet is **directly connected to the RFC deployer**. It also actively traded RFC, buying approximately **$84,584.00** worth and later selling for **$52,155.00**, resulting in a significant realized loss. Additionally, the wallet has engaged in trading a wide range of other tokens. The wallet is associated with the **kazee.sol** domain, which led us to identify a connection with the [**Kazee Analytics** Twitter account](https://x.com/kzresearch5). Several tweets from the account further confirm the link:
While we can't definitively determine the reason **Small Funding Wallet 1** sent SOL to the RFC token deployer—thereby creating a link to the **Kazee-associated wallet**—this connection is certainly noteworthy. Current full flow:
At this stage, the next step is to trace the **origin of the deployer’s funds as they move through cross-chain bridges**, to uncover any additional patterns or potentially significant connections. There were two notable funding events for **Funder Wallet 1**: 1. **Via Bridgers Bridge:** A transaction originated from **Coinbase**, where **Bitcoin** was sent to a BTC wallet. From there, the funds were bridged to the **Solana network** [using **Bridger**](https://explorer.bridgers.xyz/#/search/7kPq2w6tAREUbXi5ioGGxJ3desY6QWSMMvyeLYHGz4WT), resulting in a deposit of **0.513018 SOL** into Funder Wallet 1.

Bridgers transaction

The BTC wallet funded from Coinbase.

2. **Via the Mayan Finance bridge**: A transfer of 0.093 ETH was bridged through Mayan Finance, converting into 1.39 SOL, which was deposited into Funder Wallet 1. We are continuing our investigation to trace how the originating Ethereum wallet was funded (`0xBa1382978a81b2Cd4C31336F49BC25c9d6BEDFd2`).
Multiple wallets send small amounts of ETH and memetokens to the ETH wallet. Let's check each wallet: * On **March 5, 2025, at 19:22:23**, the Ethereum wallet received its first transaction—**0.003 ETH**—from **`0x6f46d90553141D464C000D76e41d0d5380Fc0B23`**, which is associated with the ENS name **gmgmi.eth**. Upon [further investigation](https://intel.arkm.com/explorer/entity/doctor-beatdown), this ENS is linked to the [@doctor\_beatdown Twitter account](https://x.com/doctor_beatdown), which appears to belong to a Web3 developer. This connection raises the possibility that this individual may be involved in the development of the RFC token.
* On March 6, 2025, at 13:19:11, the next transaction to the Ethereum wallet came from `0x93D8f129Dca48771733abf0e286b13E8BD6d9bb6`, associated with the ENS name bobbyg603.eth. The wallet sent 0.00880225 ETH. [Based on the ENS name, this address appears](https://www.gitpoap.io/p/bobbyg603.eth) to be linked to the [Twitter account **@bobbyg603**](https://x.com/bobbyg603), suggesting another possible connection to someone active in the Web3 space. * `0x67BA357e090c537D1cc4108E75E598986C9FE536` sent a small amount of ETH to the wallet, routed through various proxy wallets. The origin of the funds appears to trace back to Coinbase. * `0xd2fb509330a294B97EeF4437907b04663e8F70F5` sent two meme tokens to the Ethereum wallet, which were later swapped. The resulting ETH was then used to bridge funds over to the Solana wallet.

ETH inflows to 0xBa1382978a81b2Cd4C31336F49BC25c9d6BEDFd2 wallet

ERC20 token inflows to 0xBa1382978a81b2Cd4C31336F49BC25c9d6BEDFd2 wallet

Process of funding Funder Wallet 1

We uncovered some interesting connections, but there was **no evidence of dramatic or highly suspicious behavior** directly tied to the deployer. As of **April 21, 2025**, the majority of the **4% developer allocation** remains untouched in the designated wallet. Below is a summary of all identified wallets and their respective profits from trading the **RFC token**:
All insider wallets list
ADDRESSTAGFirst activeSOL HOLDINGTOKEN HOLDINGTRADING PROFITSTOKEN BUYTOKEN SELL
F7xWmZeYiNF8hi22RDYbBCM7McsaiMnMSNB8qzekE5RvToken Deployer24-03-2025 22:07:483,030$4.266,00$0,00$4.266,00
7kPq2w6tAREUbXi5ioGGxJ3desY6QWSMMvyeLYHGz4WTFunder wallet 120-03-2025 8:04:4100$0,00$0,00$0,00
Aw6UK43bwsDzVwumYSJ8GActJTnuqwL2ctcyVSGfgdfuSmall funding wallet 125-03-2025 14:51:5500$0,00$0,00$0,00
E8BJzHRtV1pUgKizfMjkWeNZbSTNzYjmUtzgc1LpMsM4RFC Holding wallet 109-04-2025 21:55:270,238.430.000$14,00$0,00$14,00
17XDeTonbQFNm8qEnq2qrckm25jtMwAuhBQxPHpDkawConnected wallet 127-03-2025 23:17:150,30$309,00$0,00$309,00
5DDEFBfWAaUe6e8KtzdwzTcAgkPAN5XAokK1Pbj6yeM5Connected wallet 225-03-2025 15:18:5000$0,00$0,00$0,00
uZ5Bn8YqLJRP6szu9PHSjLNSnYkxmTqsR36QFRqeoEsConnected wallet 325-03-2025 15:36:5400$0,00$0,00$0,00
DB9gT8gGMMmXPz2yNcVmZURtY8HzShZRaukYcvk8T1yeConnected wallet 425-03-2025 14:45:0800−$57,00$546,00$489,00
GvqQX9NqQPKPxoyYCBX95iVbp85R8TBM8UMWPvzaFvfrConnected wallet 525-03-2025 15:25:3300$4,00$205,00$209,00
5A9ouvoris7S4bXVjJmMZ9eXMtgaffusd7KTvKGozGzzConnected wallet 625-03-2025 15:26:4800−$5,00$226,00$221,00
HToFD3tuvfLc6NCbMHqEBxmNAvmq1aDVUYKv3hFkaL9fConnected wallet 725-03-2025 15:28:3600−$17,00$230,00$213,00
GD6JCTTZ49uVBvbfCQjqGYPU4zP9kfFe4TSP7x8pjaAWConnected wallet 825-03-2025 15:30:0600−$7,00$271,00$264,00
FLaDy2FRz5zroqVwfTjQ8ZzPQzGAs1CpPsyqcsFsPMfcConnected wallet 925-03-2025 15:31:5400−$8,00$279,00$271,00
7in7Le7L2xvuXJujZJp8yRvVrP2tXHKJCdoX3ywxv8uUConnected wallet 1025-03-2025 15:33:2500$16,00$310,00$326,00
AV5fV6JD4ab9kju9Lyw9D5m8p8SGHacSGMNvPAyH4EB3Connected wallet 1125-03-2025 15:35:0100$14,00$362,00$376,00
ERdt6cFAHxnVXXdjSCAPCcjm9fB9FMzktFABzfa4PAQBVery active wallet 115-08-2024 1:34:180,150−$32.430,00$84.584,00$52.155,00

Full insider activity flow

While researching the deployer wallets on Twitter, we found this [Tweet](https://x.com/AgentQuark/status/1913951411341238391?t=Vgp6aqHCp_kOoPrdBu6Z1A\&s=07\&fbclid=IwZXh0bgNhZW0CMTEAAR4-JImuutZMUUj-m8fKTUeoJlUOGIWBxpM8MeE96_hiItgzErpILG3lRIQriw_aem_zHocXuoQZTRpgqnofyRU7g):
We quickly checked to see if the mentioned wallet was connected to the token deployer. As of April 24, the [wallet](https://solscan.io/account/D2avcJceCYE1mh5spUjoEt6vhsy1n3YtKgxC6UFrXGPq?exclude_amount_zero=false\&remove_spam=false\&token_address=C3DwDjT17gDvvCYC2nsdGHxDHVmQRdhKfpAdqQ29pump#transfers) **`D2avcJceCYE1mh5spUjoEt6vhsy1n3YtKgxC6UFrXGPq`** holds **no RFC tokens** and about **0.2 SOL**. Its trading history shows **$195,041 in buys** and **$157,299 in sells**, meaning the wallet appears to be **at a loss**. We also checked for any major RFC transfers out of the wallet but found **no significant outflows**. Since the wallet was funded with SOL through **Binance**, we **can’t confirm any direct link to the deployer**. ## Early traders (sniper) analysis {% hint style="info" %} In cryptocurrency DEX (decentralized exchange) trading, a sniper is a bot or wallet that automatically buys a newly launched token when liquidity is added, often within the first few seconds or even milliseconds. These bots are designed to front-run other buyers by detecting liquidity events and executing ultra-fast transactions, usually with higher gas fees to ensure priority. The goal is to acquire tokens at the lowest possible price and sell quickly for profit, often before the average user even has a chance to trade. {% endhint %} In this section, we’ll analyze the **initial swaps** that took place at the very beginning of RFC token trading. Our focus will be on the amount of tokens acquired during these early moments and identifying the wallets that secured the largest allocations immediately after launch. We’ll start by examining the **first 25 transactions on Pump.fun**, the platform where the token was launched. The following table highlights these initial swaps and the corresponding wallet activity.

First 25 swaps on pump.fun for RFC token.

* The first buyer, acquiring 4% of the total supply, was the token deployer, as already discussed in the previous section. * Another notable early participant was `o7RY6P2vQMuGSu1TrLM81weuzgDjaCRTXYRaXJwWcvc`, a well-known sniper wallet that executed its buy at the exact moment the liquidity pool went live. This address has a history of sniping thousands of token launches. In this case, it quickly sold its position just a few minutes later, making only minimal profits. * Most of the other early wallets followed a similar pattern—buying and then selling shortly after for modest gains. However, two addresses stood out due to their significant profits: * `2vbYQRSdBKkv3oNB8JJaqi7KLXvBVo5R7kaapFN8ddfy` (tag: [Good early buyer 1](https://solscan.io/account/2vbYQRSdBKkv3oNB8JJaqi7KLXvBVo5R7kaapFN8ddfy?exclude_amount_zero=false\&remove_spam=false\&token_address=C3DwDjT17gDvvCYC2nsdGHxDHVmQRdhKfpAdqQ29pump#transfers)) * This wallet sold its entire RFC position about an hour after the token graduated to PumpSwap, realizing a profit of nearly $90,000 USD. It has remained active, performing additional trades in the days following. The official token page stated that the sniping activity was not conducted by them, distancing the project team from the early sniper transactions.
* `5aCWGiFMB51Ys5y42XqfqLQV9BvQoMV2vK8VQUVRkqnu` (tag: Good early buyer 2) * Initially funded on March 14, 2025, this address was the 11th buyer, acquiring 3.1% of the total supply. Shortly afterward, the RFC tokens were transferred to a secondary address:\ `BDFvASnsiKbd6nPwisrtFtviEkjSv556wQxpGmchzpFG` (Tag: Good Early Buyer 2 – Subwallet 1). This subwallet alone made **over $250,000 USD** in profits solely from trading RFC and currently holds **1,891 SOL**, suggesting it belongs to a significant whale. This wallet warrants deeper investigation in a future analysis.

5aCWGiFMB51Ys5y42XqfqLQV9BvQoMV2vK8VQUVRkqnu analysis.

When analyzing the first 100 swaps sorted by timestamp, a clear pattern emerges: there were only a few initial trades, followed by a significant surge in activity just minutes after 01:00. This spike in volume aligns closely with the timing of a tweet promoting the token, which likely triggered the sudden wave of interest and buying.

First 100 swaps on pump.fun

We analyzed the sniping activity on **PumpSwap** right after the RFC token graduated. By reviewing the **first 1000 transactions**, we observed that approximately **14% of the total supply** was accumulated during this short window. Several snipers acquired around **1% of the supply each**, but no single wallet stood out with an oversized purchase beyond that. The chart above visualizes these first 1000 swaps: * The **left Y-axis** shows the size of each trade as a percentage of the total supply. * The **right Y-axis** tracks the **cumulative supply held** by wallets over time. * **Green dots** indicate buy transactions. * **Red dots** indicate sells. * The **blue line** shows the cumulative token accumulation. This activity illustrates a fairly distributed early trading phase without any extreme outlier buys, suggesting no immediate evidence of aggressive hoarding by a single wallet.

First 1000 swaps on PumpSwap

Our analysis did not reveal any wallets directly linked to the token deployer participating in early sniping activity. It's possible that different, unconnected wallets were used for this purpose. To further investigate potential insider behavior or suspicious accumulation patterns, we'll now examine the **holder distribution** of the RFC token. This may help us identify any wallets that stand out due to unusually large holdings or transactional behavior suggestive of insider activity. ## Holders analysis Let’s focus on the distribution of the RFC token and examine the total supply held by insider wallets and other major wallets. The holder's distribution chart (exchanges and DEXes excluded) shows that the top 1 wallet holds 5% of the total token supply. The concentration increases steadily, with the top 10 wallets holding 17%, and the top 100 wallets collectively holding 53%. By the time we reach the top 200 holders, they control 67% of the total supply, indicating a relatively high level of concentration among a small group of holders.

Holders distribution

Top 20 holders on 24.4.2025

Let’s now manually review the top 10 wallets to see if any noteworthy patterns or suspicious activity can be identified. We excluded wallets belonging to exchanges, DEX pools, and addresses already being reviewed. * `9ZPsRWGkukYeWg2Z7eZ8NaTBZ1DSuBUVzLcGQWZgE4Y4` As of April 24, 2025, this address held 4.9% of the RFC supply. Upon inspection, we found that it is an off-curve address, meaning it does not lie on the expected elliptic curve used by Solana to generate valid key pairs. As a result, no private key can exist for this address, making it impossible for anyone to control or sign transactions from it. Off-curve addresses are sometimes used for smart contracts or specific purposes such as token burns, where funds become permanently inaccessible. We could not determine the owner or purpose of this address, though it may be related to a decentralised exchange. Notably, most of the RFC inflow comes from wallets associated with Jupiter Aggregator Authority, suggesting this address could belong to the Jupiter DEX, possibly for limit orders. If anyone has more information, feel free to reach out.

9ZPsRWGkukYeWg2Z7eZ8NaTBZ1DSuBUVzLcGQWZgE4Y4 wallet

* `6cp3GGREqXJbeNTHxXDy1k9ShZqEW9fNj6CQ12gA8c34` We’ll refer to this wallet as the **Top 6 Holder (holds 1.5% of the supply)**. Upon analysing the address, we noticed that RFC tokens were transferred from another wallet to it. As we investigated the connected wallet, we uncovered a series of intriguing activities that prompted us to dig deeper. After hours of research, we uncovered what appears to be a large-scale, coordinated operation behind this address—over **$1.2 million in profits** from selling RFC, an initial snipe for just a few hundred dollars, wallets prepared days before the launch, and other suspicious behaviours. Due to the complexity and scale of this activity, we’ve dedicated an [entire chapter later in the report](#top-6-holder-analysis) to break down this operation fully. For now, here are the addresses connected to this holder that hold big amounts of RFC: * `HMoS3ManNuRbJXAo97tccxwJZj6xrZZvKFbWy1FsQMyX` (0.65% of the supply) * `AA2A3Y5xohjxQe2cUHEXpna1QCMRKMDrgn7nJhCu2mEL` (0.1% of the supply) * `cjDDvBNbmWXZjc9LEFKcjVxN2x2r8T6YBZS28AzSg9T` (0.9% of the supply) * and many smaller wallets... * `9LMvNkALecBLeKtCzez9Vr594qB98dQDZk2gHoWkRYLZ` This appears to be a large buyer actively trading multiple tokens. The address currently holds 1% of the RFC supply, which was acquired and moved from the wallet `4g9PrnKAAvBfP5cAJysb3w1Bfgw1qqPbH556iFq3xHjd`. Most of the RFC tokens were purchased within the first two days of trading, with additional buys made in the following days, totaling over $130,000 USD. The wallet has also realized $17,757 USD in RFC sales, and has transferred 3,100,000 RFC to the Gate.io exchange. Based on the volume and transaction patterns across associated wallets, this activity suggests involvement from a larger, more strategic player.

First 9LMvNkALecBLeKtCzez9Vr594qB98dQDZk2gHoWkRYLZ RFC buys

9LMvNkALecBLeKtCzez9Vr594qB98dQDZk2gHoWkRYLZ main RFC movement.

* `7TqPiVEhHxmzCy4FuwRQ8SVUcCHDYHWi8HxMmeMoJpwZ` This appears to be another whale wallet. As of April 23, 2025, it holds 0.93% of the RFC supply and over 100,000 SOL and additional meme coin holdings. Most SOL is regularly deposited into and withdrawn from Binance, indicating active trading behavior. The wallet purchased over $200,000 worth of RFC, with the first buying phase starting on March 25. It sold approximately $57,000 worth of RFC on March 31, before resuming another buying round on April 18. * `C4GbdngLh7tdHLgC3jqWaEqHCf6kPdDb9weMPTaGMFfB` make over 250,000$ of profits selling RFC transferred from the `pvXy2FCSeHCXGSbXK4vqSxobwTqyYrQDnqW1XMqW9ar` wallet.

C4GbdngLh7tdHLgC3jqWaEqHCf6kPdDb9weMPTaGMFfB flow

The last thing we looked into was a suspicious cluster of wallets initially thought to hold around 0.5% of the RFC supply. After digging deeper, we discovered that this group controls about 6.5% of the total supply. The wallets were linked with Wintermute Bots. [Wintermute](https://www.wintermute.com/) is a known algorithmic trading firm and [market maker in the crypto space](https://www.forbes.com/sites/jeffkauflin/2022/12/20/with-sam-bankman-frieds-hedge-fund-gone-crypto-trading-firm-wintermute-emerges/?sh=4a94055d2bbb), often criticized for market manipulation. Some Twitter users even call these wallets “Death Bot” addresses. Here is a fast example of flows going on with the connected wallets:
Wintermute connected wallets ```python "7TwQvuEqjRGZETxW2fZy2kUeYz6tvMigMt6TeWHXYzGQ", "7rhxnLV8C77o6d8oz26AgK8x8m5ePsdeRawjqvojbjnQ", "3ZvDVJLq3yoCWMMjBU7dDdPySNPi8FJbWiiDy3bAPtKF", "7Z5VhcNSpMpaTVqRg8QTkySw6syfcTehTx8CqRPvf9bg", "7zenhRwrPi61L2S9SL8VDj88X7oEfese7Mj8WdStxyac", "2CLzp7kzTGE4upuGjWQAHGRTdHj5PwM38cRWurziJLA5", "4K8nRAcPBdpJ6CcgFjyeNUHEinGubuk5VdQSmtUX7oyp", "4K8nRAcPBdpJ6CcgFjyeNUHEinGubuk5VdQSmtUX7oyp", "A5tB5c78T38dMbfoyz6rBpRyvaQoVXgDr5qmXjxnLMDN", "Dyr9D7LChfZe2z7vo7jPeHD8T7ukSiDBJRWogdM4CUmE", "JDZMmYxbrDTwvF2wTbYebHzLaJ2te5Xo3gastgUbH87Y", "7WFrdaXgTndsNg2Bf5gxrkZ6FU2SUMB1ETgHHbzHnwk9", "BWuJjGUp57ocPhirvf4LPu1UHexMzHvj5tmiAHCYBAhS", "5Se1QkGw5k6ifbyaZxvTdpDAfxPCdRsmNGGr4K8GyE3j", "nkxM1SCNk6peRDrLMWV79oG4yfEKexXuiSb1NADgHmd", "BccSmkxdWNL8MkuBkbzcQoNTq7H3GbSjPXCfrB1DvNYY", "BrjQoy9btvctG3ifVKzQXKifQK4vePMstwTCNcxe7Ue7", "AWPmgAr6xDJUhCa2Wxna5gd14UT98hicTXdow9XkYnNX", "BrcTTponSkbfRTYp2J33WuVooVrYkFVNAgSXHpri9Dsd", "P3HqKrPhGe8HCzMjZ9YH8LmqEhQqqL2JEUK3BjK9rn9", "4GQeEya6ZTwvXre4Br6ZfDyfe2WQMkcDz2QbkJZazVqS", "MfDuWeqSHEqTFVYZ7LoexgAK9dxk7cy4DFJWjWMGVWa", "9xn3JjPreFAaAEBZL3VVvcou33jrfRWhsuiNbD4sJcEe", "C2FZxNGToRkspnrrGd2WDQBMo2p1571Agyg3xv9Dpu3t", "6JJdhkhk2fsxJcv5f2pEfrkMfHDe6bJSWT6JF2pUXGAK", "B1U63kxqf1DPBSKvktQfJ3yZVUPpNu1J2DdtvBBPoxmt", ```

Wintermute cluster on Bubblemaps.

We found that these wallets account for roughly **10% of the total trading volume** of the RFC token and have generated **hundreds of thousands of dollars in profits** over time. Analyzing their trading activity shows that **most of their volume occurred in the last two weeks**, coinciding with the **token price decline**.

Buy volume by Wintermute bots.

Sell volume by Wintermute bots.

Analyzing the top 10 holders reveals that a few entities hold significant control over the RFC token, suggesting a high level of manipulation. These wallets have enough RFC to either dump the price or push it up, meaning the token’s future largely depends on their actions. ### Top 6 Holder Analysis As previously mentioned, this section is dedicated to uncovering the operation behind the `Top 6 Holder` (`6cp3GGREqXJbeNTHxXDy1k9ShZqEW9fNj6CQ12gA8c34`) [wallet](https://solscan.io/account/6cp3GGREqXJbeNTHxXDy1k9ShZqEW9fNj6CQ12gA8c34). The following graphic illustrates the full scope of the activity and the network of connected wallets.

Full operation

To make the entire operation easier to understand, let's break it down step by step. The `Top 6 Holder` wallet appears to be primarily a deposit address, so we began our analysis with the wallet that initially transferred the RFC tokens. The source was `FEuhRFJNWZtppyxco4pLxnoJ7KwiSTSGuTmRwT7rMoLT` (tagged as `Top 6 Holder RFC Funder`), which sent 20 million RFC tokens—of which 5 million were later forwarded to another wallet. The flow of tokens looks as follows:

Top 6 Holder connections

We’ll now focus on the `Top 6 Holder RFC Funder` wallet, as it appears to be the **central hub** of the entire operation. `Top 6 Holder RFC Funder` wallet was initially funded via Mayan Finance on March 21, 2025, just a few days before the RFC token launch. The capital originated from Binance, was moved to the Ethereum network, then routed through two intermediary wallets before being bridged to Solana using Mayan Finance.

Top 6 Holder RFC Funder wallet funding.

The wallet remained inactive until the RFC token launch, and on March 25, 2025, at 01:04:51, it initiated three rapid buys on Pump.fun—just one minute after the official announcement on Twitter. In total, the wallet acquired over 5.5% of the total RFC supply for just over $1,000 USD. Given how the wallet was pre-funded, prepared days in advance, and executed purchases with such precise timing, it strongly suggests insider knowledge or access to non-public information, as the token launch was not publicly disclosed prior to the March 25 announcement on Twitter.

The early buys on Pump.fun

In the days that followed, the wallet engaged in several key actions: * A big portion of the RFC tokens was distributed across **three different wallets** * **Over $300,000 worth of RFC** was sold * The resulting profits were transferred to new wallets The flow of these transactions is outlined below:

Top 6 Holder RFC Funder flow

* The profits were sent to two different wallets—$260,000 USDC to one, and 271 SOL to another. The USDC was later transferred to a [final deposit wallet](https://solscan.io/account/7z2CX7EVVvyTzMnFUBUmHUWoyymFpspgHB5gdhXaHsLB?exclude_amount_zero=true\&remove_spam=true#transfers) (`7z2CX7EVVvyTzMnFUBUmHUWoyymFpspgHB5gdhXaHsLB`), which holds over $20 million in assets. This USDC was then moved to Binance. Based on the wallet’s behavior and transaction history, it doesn’t appear to be a classic exchange wallet, but rather one belonging to a very large whale. If anyone has more information about this address, let us know—it could be worth doing a full analysis of this wallet in the future.

7z2CX7EVVvyTzMnFUBUmHUWoyymFpspgHB5gdhXaHsLB wallet holdings.

Another interesting finding came when the **`Top 6 Holder RFC Funder`** moved **24 million RFC** and an additional **5 million RFC from the `Top 6 Holder` wallet**—**a total of 29 million RFC**—to the **MEXC exchange**. What stood out was the **0.6 SOL** sent to the **`Top 6 Holder SOL Deposit 2`** wallet to cover transfer fees. On Solana, having a small amount of SOL is necessary to execute any transactions. This **0.6 SOL** came from a [wallet](https://solscan.io/account/GkfKT1cgSyaKP7zT19gzTdVaEJrcPcurABe43m52xVwK?exclude_amount_zero=true\&remove_spam=true\&token_address=So11111111111111111111111111111111111111111#transfers) (`GkfKT1cgSyaKP7zT19gzTdVaEJrcPcurABe43m52xVwK`) that **constantly sends exactly 0.6 SOL to multiple addresses several times per hour**. The consistent timing and fixed amount make it look suspicious. It appears connected to **MEXC**, as most of its SOL funding also originates from there. While we can’t confirm the exact purpose, it **might be part of an organized operation by the MEXC exchange**. If the amounts varied, it would seem like a standard withdrawal wallet, but the identical 0.6 SOL pattern raises questions.

GkfKT1cgSyaKP7zT19gzTdVaEJrcPcurABe43m52xVwK wallet

The RFC token was officially listed on MEXC on April 9, 2025, at 13:28, [according to an announcement from the exchange on Twitter](https://x.com/MEXC_Listings/status/1909946599129944375). However, the tokens were [transferred to MEXC](https://solscan.io/account/Ac9PWpuk8nNM2hEQwbZEQj1KKyhcLEHuGRVHUD7Kxi4E?exclude_amount_zero=true\&remove_spam=true#transfers), on March 28, which strongly suggests this was the initial inflow required for the exchange to prepare the trading pair. Exchanges typically need a supply of tokens in advance before activating a new listing, and this transfer appears to have served that purpose. We currently have one theory: > It appears that MEXC exchange may have orchestrated the entire operation—sniping the tokens early to secure a large position, profiting from the price movement, and also ensuring they had the required tokens for the eventual listing. We analyzed wallets within a tightly connected cluster and uncovered more suspicious behavior. Two of these wallets received RFC tokens directly from MEXC’s hot wallet before the token was listed on the exchange, and then multiple sales were executed, generating profits. * One of them, `Top 6 Holder Subwallet 3` (`GeStwmQCzt2tZJvL9dsrX9GKS4b9oGc2vWNEhvGGhvUP`), received around 4 million RFC from MEXC and sold them for a profit of $318,393. A portion of that profit was later transferred to the same final deposit wallet mentioned earlier (`Top 6 Holder Final Deposit`), linking it to the initial sniping operation.

Top 6 Holder Subwallet 3 selling and profits move

* The [second address](https://solscan.io/account/6uEbyAM6ezCPq1S3JEb9ntPNiBSf8uh28vWVPrP4xZvz?exclude_amount_zero=true\&remove_spam=true#transfers) (`Top 6 Holder Subwallet 13`) received 20 million RFC from MEXC several days before the listing (29.3.2025). Then it distributed the tokens across multiple wallets, which later sold them alongside the tokens from the `Top 6 Holder RFC Funder,` suggesting coordinated activity.
To summarize, the wallets tightly connected within this cluster acquired RFC for just a few thousand USD and ultimately generated over $1.2 million in net profits from selling the token. These wallets were prepared and positioned days before the launch, enabling them to snipe early. Most of the profits were later moved across various Solana wallets and bridged out via Mayan Finance. Below is the full list of wallets, including their holdings, buy/sell activity, and total RFC profits.
Top 6 Holder conncted wallets
ADDRESSTAGFirst activeSOL HOLDINGRFC HOLDINGRFC TRADING PROFITSRFC BUYRFC SELL
FubKAUf81fcGsJxBRfxCetMaNGRUYdMNw3vitzfMvBG5Top 6 Holder Subwallet 2119-03-2025 0:45:5400$0,00$0,00$0,00
6HrK5sEHczPobGvKof1vTZ9Z3XUdEWuyqy1ng3e67M1aTop 6 Holder Subwallet 1919-03-2025 10:36:3200$0,00$0,00$0,00
97Hup6JrpS5kh6FMYypiwr1E2BxBfCrseoVqVtiuZk4STop 6 Holder SOL Fee 221-03-2025 8:25:0100$208.249,00$0,00$208.249,00
6t9HsiYTCjWSCGsjvqD8vuojEPGU2SPRtvARWMpjW3xbTop 6 Holder Subwallet 921-03-2025 8:25:5500$0,00$49,00$0,00
Dzuctu1ptMSgT7BHhYP6qyFxFp25eU8mJ2S2R5fPWA99Top 6 Holder Subwallet 1021-03-2025 8:46:4200$68.978,00$163,00$69.141,00
FEuhRFJNWZtppyxco4pLxnoJ7KwiSTSGuTmRwT7rMoLTTop 6 Holder RFC Funder21-03-2025 3:41:204.20$300.545,00$3.335,00$303.880,00
4GghnJysywQjvzQW5gAEp6DgzayhGzTpo47M3Nna5VxgTop 6 Holder Subwallet 2024-03-2025 22:29:3500$0,00$168,00$0,00
BtmQQZ8QEps5q4dZzH7YtdvhcsANHTHQbxDpecAZBEqtTop 6 Holder SOL Fee 124-03-2025 23:52:5900$28.304,00$3.218,00$31.521,00
9bmSPzeWMVnDWDKZHy5PbKH5uR5fPAAKqoBNQSDuEmPXTop 6 Holder Subwallet 225-03-2025 16:27:4100$0,00$5.924,00$0,00
cjDDvBNbmWXZjc9LEFKcjVxN2x2r8T6YBZS28AzSg9TTop 6 Holder Subwallet 1125-03-2025 18:09:460.99.000.000$22.044,00$0,00$22.044,00
DziueRSHFY8dQGDHCkgtnBMWF9xQGjLnZ756hsAK1UEUTop 6 Holder SOL Funder
6cp3GGREqXJbeNTHxXDy1k9ShZqEW9fNj6CQ12gA8c34Top 6 Holder28-03-2025 2:18:39015.010.000$0,00$0,00$0,00
HuN5adfBAedHUnpHANLmCL9NacVXbes3mdBsxSQzgCSSTop 6 Holder SOL Deposit18-04-2025 1:50:572710$0,00$0,00$0,00
5iKA5XU3RPr2GASPz37oWQ8Lzii4jDgMjZAGVJBuJiQGTop 6 Holder SOL Deposit 209-04-2025 18:41:09307.50$0,00$0,00$0,00
7WAt5CDn6eeHFvmFjc5f1yub5fKmhZFYN1HWMeE6BDezTop 6 Holder USDC Deposit31-05-2024 8:41:5600$0,00$0,00$0,00
ERm3rjRxWtaACbFqUkgUn5AWymBJL5RD5Xiu1MmhgRaxTop 6 Holder RFC Deposit 104-04-2025 0:37:3100$0,00$0,00$0,00
Ac9PWpuk8nNM2hEQwbZEQj1KKyhcLEHuGRVHUD7Kxi4ETop 6 Holder RFC Deposit 228-03-2025 5:26:370.60$0,00$0,00$0,00
HMoS3ManNuRbJXAo97tccxwJZj6xrZZvKFbWy1FsQMyXTop 6 Holder RFC Deposit 304-04-2025 11:22:380.56.500.000$7.798,00$0,00$7.798,00
7z2CX7EVVvyTzMnFUBUmHUWoyymFpspgHB5gdhXaHsLBTop 6 Holder Final Deposit175100$0,00$0,00$0,00
GeStwmQCzt2tZJvL9dsrX9GKS4b9oGc2vWNEhvGGhvUPTop 6 Holder Subwallet 307-04-2025 1:47:024.80$318.393,00$0,00$318.393,00
3f9RWgTGLuE8DDtGGzkd8D6jqFzDd7Nb9UdcPKDBUt5QTop 6 Holder Subwallet 424-05-2024 0:36:290.90$0,00$0,00$0,00
Epzcmw4eKnbkqXEyyUcNz8XeXJuBfT3Re21DG1VFVG16Top 6 Holder Subwallet 518-04-2025 1:58:002450$0,00$0,00$0,00
AA2A3Y5xohjxQe2cUHEXpna1QCMRKMDrgn7nJhCu2mELTop 6 Holder Subwallet 610-04-2025 7:23:570.21.000.000$176.976,00$0,00$176.976,00
12H2wvESuQfU8mFTAprjRnn3SBSfJYzyxpU9ABJTL7VnTop 6 Holder Subwallet 704-04-2025 0:34:2600$119.718,00$0,00$119.718,00
C5ZZ2feX7n29tgtkhR98hggFfi2uiYxDzZF99t1qmVk5Top 6 Holder Subwallet 812-04-2025 3:07:560.50$0,00$0,00$0,00
E3zU1bZ5oX1gNGkm3eeVR1o1wyZcyBDK7BP3f6tJRVXETop 6 Holder Subwallet 1204-04-2025 0:48:480194.990$0,00$12.224,00$0,00
6uEbyAM6ezCPq1S3JEb9ntPNiBSf8uh28vWVPrP4xZvzTop 6 Holder Subwallet 1328-03-2025 5:35:080.30$0,00$0,00$0,00
23nGFEniHVV4fM7L4KJud1kYrgHHFHFiEE2Tf5EHVvHvTop 6 Holder Subwallet 1429-03-2025 7:11:032.50$0,00$0,00$0,00
7nLkHCqv9xjeCwwHSdS53Z97apSC2H8WwHc4tv1g66LLTop 6 Holder Subwallet 1525-03-2025 18:16:060.10$11.045,00$0,00$11.045,00
4Ezzi5bZaKQu2r8d4cQw9BeiyyB7WzrYiXQuwcedxuavTop 6 Holder Subwallet 1630-03-2025 3:07:5600$0,00$0,00$0,00
FadVnWK2vkakzGsE4h2SVmSaSTsat5XqYFeK87wwzXHSTop 6 Holder Subwallet 1718-04-2025 1:54:18700$0,00$0,00$0,00
7WKSbXBTw5sXKeeC28zixiFhLRW7iHyQ9c3GswnpiRw8Top 6 Holder Subwallet 1824-03-2025 3:04:530.060$0,00$4.378,00$3.147,00
GkfKT1cgSyaKP7zT19gzTdVaEJrcPcurABe43m52xVwKMEXC connected wallet
DUGjv2MrwJYtcRxKat1EU14VMEPw6Esh9Vx7uPXPdg6eTop 6 Holder Small Wallet 104-04-2025 0:26:3600$0,00$0,00$0,00

Profits being sent to Mayan Finance Bridge.

In the chart below, we can see the amount of supply bought by these wallets over time. They sniped over 7% of the total supply right at the start of trading, with no significant purchases made afterward.

RFC bought supply.

Looking at the sell volume over time, we can see that these wallets have been **consistently selling**, yet they still **hold a significant portion of the supply—over 3%**—indicating there may be **more selling ahead**.

Sell volume over time by conncted wallets.

The final step in our investigation was analyzing the **deposits made to the Mayan Finance Bridge**. We traced the outflows and found that the funds were bridged to the **Ethereum network**, ultimately distributed across several addresses, including: * `0x9749c7d240be7ec17aed8470b9d5f303465ecb3a` * `0xf2d58f1310c59d3835920b2517d6834a73a47b29` * `0xbf26e75891Ae3E48b69643aD4B90D06C2F9DF8AC` All of these addresses appear to be **interconnected and likely controlled by a single entity**. On **April 24, 2025**, the majority of profits were consolidated and sent to three main destinations: * `0xbf26e75891Ae3E48b69643aD4B90D06C2F9DF8AC`: Holding **36.8 ETH** and **$192,530 USDC** (tagged as **ETH Deposit 1**) * **$110,000** was deposited into a **Coinbase wallet** * **97 ETH** was transferred to the **PulseChain Omnibridge** At this point, our tracking ends, as we are currently **unable to follow funds beyond PulseChain**. If anyone has expertise in tracing transactions on PulseChain, we welcome your input. The following diagram summarizes the **Ethereum-side flows**.

Ethereum-side flows of profits.

To conclude, this operation appears to be **highly coordinated, well-funded, and strategically executed**, pointing to the involvement of an experienced and organized actor—**potentially the MEXC exchange**. On-chain data strongly suggests that MEXC had **prior knowledge of the RFC token launch**, despite the official Twitter account claiming there were no insiders—**a claim that’s hard to believe given the blockchain evidence**. As of April 23, the wallets tied to this operation had already **generated over $1.2 million in profits** and still **hold more than 3% of the total RFC supply**. ## Conclusion From a broader perspective, RFC follows the typical pattern of many Solana-based tokens — initial hype followed by a sharp decline just weeks after launch. While the associated Twitter page has a large following, it doesn't reflect actual community support for the token, as the page wasn’t originally created for a token project. Our in-depth on-chain analysis reveals that whales dominate most of the activity, with two highly suspicious clusters profiting heavily: one linked to Wintermute trading bots and another showing behavior that points toward possible involvement by the MEXC exchange. In conclusion, this case highlights how many tokens today are heavily manipulated by a small number of entities who extract significant profits at the expense of retail participants. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.blokiments.com/investigations/in-depth-rfc.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.